The Effect of Profitability, Tax Avoidance, and Stock Price on Firm Value Jakarta Islamic Index 70

Bukhori Muslim; Ajimat Ajimat

doi:10.21107/dinar.v13i2.36030

The Effect of Profitability, Tax Avoidance, and Stock Price on Firm Value Jakarta Islamic Index 70

Bukhori Muslim, Ajimat Ajimat

Abstract

This study aimed to examine the effects of profitability, tax avoidance, and stock price on firm value for companies listed in the Jakarta Islamic Index 70 (JII70) on the Indonesia Stock Exchange (IDX) during the 2020–2024 period. These three variables were selected as they reflect a company’s ability to generate profit, its tax policy, and the market's valuation of the firm. The study employed a quantitative approach using secondary data from financial statements and annual reports. A sample of 21 companies drawn from a population of 70 was selected using purposive sampling based on criteria such as consistent index membership, report completeness, and data availability, resulting in a total of 105 observations. Profitability is measured using Return on Assets (ROA), tax avoidance via the Cash Effective Tax Rate (CETR), stock price through the closing price, and firm value using Tobin’s Q. Panel data regression analysis was conducted using EViews 12 with a Random Effect Model (REM). The simultaneous test results indicate a significant influence (F-statistic: 20.18619; probability: 0.000000). In terms of partial effects, profitability has a positive and significant impact (coefficient: 0.885806; probability: 0.0000), while tax avoidance shows no significant effect (coefficient: −0.006405; probability: 0.7212). Conversely, stock price has a positive and significant impact (coefficient: 0.0000215; probability: 0.0043). These findings suggest that tax avoidance has no statistically significant effect on firm value.

Keywords

Profitability; Tax avoidance; Stock price; Firm value

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DOI: https://doi.org/10.21107/dinar.v13i2.36030